Citing unnamed sources, the WSJ wrote that Goldman was consulted on the creation of 1Malaysia Developmment Berhad (1MDB), and advised on three acquisitions and $6.5 billion bond sale by the fund. The bank's fees for its work were far more than $350 million, according to the report.
The inquiries by the Federal Bureau of Investigation and the Department of Justice were at an early stage, sources told the WSJ, and there was no suggestion of wrongdoing by Goldman.
Five countries are currently probing the heavily-indebted 1MDB and its links to Malaysian Prime Minister Najib Razak, who oversees the fund. The WSJ previously reported that a $700 million payment had been made to Najib's bank accounts via 1MDB, a payment Malaysia's anticorruption body later said was from an unnamed Middle Eastern political donor.
Najib has repeatedly denied any wrongdoing. Goldman declined to comment on the WSJ's report.
To read more from the WSJ's story, click here.